Oil prices rise as new virus cases slow, easing Chinese demand concerns
SEOUL: Oil prices rose for a second day on Wednesday amid preliminary signs that new coronavirus cases are slowing in China, easing concerns over the demand impact from the disease in the world’s second-largest oil consumer.
Brent crude was up 73 cents, or 1.3 per cent, at $54.75 per barrel at 0137 GMT. US West Texas Intermediate (WTI) rose 46 cents, or 0.9 per cent, to $50.39.
According to data through Monday, the growth rate of new coronavirus cases in China has slowed to the lowest since Jan. 31.
